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Federal Reserve Governor Michael Barr Warns of Gaps in GENIUS Stablecoin Law
Federal Reserve Governor Michael Barr has raised concerns about the recently passed GENIUS law, which aims to establish a federal framework for regulating U.S. stablecoins. Barr pointed out that while the law is an improvement, it leaves several key gaps that could lead to confusion and increased risks for consumers and the broader financial system. He emphasized the need for coordination between federal and state agencies to address these issues and ensure a robust regulatory environment. Barr expressed concern over the potential for regulatory arbitrage under the GENIUS law. He warned that issuers might exploit ... (full story)
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